【本期主题】DoesStock Market Liquidity Increase the Propensity to Raise Debt Finance?

This study investigates the relation between shareliquidity and the propensity to raise debt finance. Using a sample of firm-yearobservations identified as "investment spikes" or firm-years withunusually large investment activities, this study finds that firms with moreliquid shares tend to rely more heavily on debt to finance investment spikes.This result is robust to a control for the effects of firm size and other firmcharacteristics, the use of various leverage measures, and the use of a whole samplewith investment spike characteristics. Another important finding is that firmswith more liquid shares tend to have higher normal leverage ratios. Oneinterpretation of these results is that information spillovers from thepresence of more informative share prices allow firms with more liquid sharesto borrow on more favourable terms in normal times, and to obtain additionaldebt financeat lower costs when confronted with unusual investmentopportunities. Finally, this study also identifies a puzzle regardinginconsistent liquidityeffects in static and dynamic leverage models andresolves it.

【报告人】Hyun  Joong Im	中国人民大学商学院金融学助理教授    牛津大学博士

【时  间】04月19日 上午10:00
【地   点】中国人民大学明德主楼0509室

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报告人简介：

　Hyun Joong Im (任贤中)，中国人民大学商学院金融学助理教授。他先后求学于澳大利亚悉尼大学和英国牛津大学，在金融学的课程和研究中取得优异成绩，并于2012年获得牛津大学哲学博士（金融经济学方向）学位。HyunJoong Im的主要研究方向是公司财务、市场微观结构和实证金融学，并且自2007年起在牛津大学担任相关课程的助教和讲师职务。在攻读博士学位之前，他还曾担任韩国发展银行孤星有限公司的高级经理。

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